BETA

22 Amendments of Sharon BOWLES related to 2010/0160(COD)

Proposal for a regulation – amending act
Article 1 – point 1 – point b – subpoint i

Regulation (EC) No 1060/2009
Article 4 – paragraph 3 – point b a(new)

(ba) the requirements set out in point (b) are due to the credit rating agency itself applying such requirements to its credit rating activities in that third country. In any event, the endorsing credit rating agency shall remain accountable to the European Supervisory Authority (European Securities and Markets Authority) for its compliance with such requirements, in accordance with paragraph 5;

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – paragraph 1

1. The issuer of a structured finance instrument or a related third party shall provide to the credit rating agency it appoints, on a ~~password-~~n appropriately protected website that it shall manage, all information necessary for the credit rating agency to initially determine or monitor a credit rating of a structured finance instrument according to the methodology set out in Article 8(1).

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – paragraph 2 – introductory part

2. Where institutional investors or other credit rating agencies registered or certified according to this Regulation request access to the information referred to in paragraph 1, they shall be granted access without delay provided that they ~~meet all of the following conditions:~~ have the systems and organisational structure in place to ensure the confidentiality of this information.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – paragraph 2 – point b

~~(b) they provide ratings on a yearly basis for at least 10% of the structured finance instruments for which they request access to information referred to in paragraph 1.~~deleted

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 b – paragraph 1 – introductory part

1. A credit rating agency or group of credit rating agencies registered in the Union shall maintain a ~~password-~~n appropriately protected website containing:

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 b – paragraph 1 – point (b)

(b) a link to the ~~password~~appropriately protected website on which the issuer of the structured finance instrument or a related third party provides the information required under Article 8a(1), as soon as it is in possession of this link.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 b – paragraph 2

2. A credit rating agency shall grant access without delay to the ~~password~~appropriately protected website referred to in paragraph 1 to any credit rating agency registered or certified under this Regulation provided that the credit rating agency requesting access complies with the requirements set out in Article 8a (2).

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 13

Regulation (EC) No 1060/2009
Article 23 a – paragraph 2

2. Where requesting information referred to in paragraph 1, ~~ESMA~~the European Supervisory Authority (European Securities and Markets Authority) shall refer to this Article as the legal basis of the request and state the purpose of it, specify what information is required and fix the time- limit within which it is to be provided. It shall also indicate the penalties provided for in Article 36b in case the production of the required information is incomplete or where the answers to questions asked are incorrect or misleading. Where relevant, the European Supervisory Authority (European Securities and Markets Authority) shall specify the legal remedies available under Regulation (EU) No .../2010 as well as the right to have any decision to impose a penalty payment reviewed by the Court of Justice.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 13

Regulation (EC) No 1060/2009
Article 23 c – paragraph 1

1. In order to carry out its duties under this Regulation, ~~ESMA~~the European Supervisory Authority (European Securities and Markets Authority) may conduct all necessary on-site inspections with ~~or without~~ announcement at the premises of persons referred to in Article 23a (1). The European Supervisory Authority (European Securities and Markets Authority) may also conduct on-site inspections without prior announcement where the proper development and efficiency of the inspection so requires and where the European Supervisory Authority (European Securities and Markets Authority): (a) has reasonable grounds for suspecting an infringement; or (b) has reasonable grounds for believing the evidence has been destroyed.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 24 – paragraph 4

4. Without prejudice to Article 20, ~~ESMA~~the European Supervisory Authority (European Securities and Markets Authority) shall communicate any decision taken pursuant to paragraph 1, ~~without undue delay,~~ to the competent authorities ~~and~~, the Commission and ~~it shall publicly disclose any such decision on its website within 5 working days from the date when it was taken~~the relevant credit rating agency.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 24 – paragraph 4 – subparagraph 1 a (new)

Unless the credit rating agency files an appeal, the European Supervisory Authority (European Securities and Markets Authority) shall publicly disclose any such decision on its website within one month of the date on which the decision was notified.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 24 – paragraph 4 – subparagraph 1 b (new)

Where the credit rating agency files an appeal, such publication shall be delayed until the date on which the Board of Appeal decides the appeal.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 24 – paragraph 4 – subparagraph 1 c (new)

The European Supervisory Authority (European Securities and Markets Authority), in consultation with the European Systemic Risk Board, the European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), shall delay such a publication where such delay is necessary to safeguard market integrity.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 25 – paragraph 1 – subparagraph 2

The obligation referred to in the first subparagraph does not apply if urgent action is needed in order to prevent significant damage to the financial system in which case ~~ESMA may adopt interim decisions. In such a case ESMA~~The European Supervisory Authority (European Securities and Markets Authority) may adopt interim decisions. In such a case The European Supervisory Authority (European Securities and Markets Authority) has to give the persons concerned the opportunity of being heard as soon as possible after having taken its decision. Such interim decisions shall be adopted only on the basis of a prima facie finding of an infringement.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 25 – paragraph 1 a (new)

1a. Any interim decision made pursuant to paragraph 1 shall apply only for a specified period of time and shall be renewed only to the extent necessary and proportionate.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 14

Regulation (EC) No 1060/2009
Article 25 – paragraph 2 a (new)

2a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules relating to the application of Article 24(1) by the European Supervisory Authority (European Securities and Markets Authority) specifying in particular the arrangements for: (a) the service of statements of objections by the European Supervisory Authority (European Securities and Markets Authority); (b) the conduct of hearings; (c) replies to statements of objections; (d) access to documents; and (e) complaint and dispute resolution relating to procedural fairness.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 24

Regulation (EC) No 1060/2009
Article 36 a – paragraph 2

2. The fines referred to in paragraph 1 shall be dissuasive and proportionate to the nature and seriousness of the breach, the duration of the breach and the economic capacity of the credit rating agency, issuer of a structured finance instrument or related third party concerned. The amount of the fine shall not exceed 210% of the annual income or turnover of the credit rating agency of the preceding business year.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 24

Regulation (EC) No 1060/2009
Article 36 b – paragraph 2 a (new)

2a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules for the implementation of this Article, specifying in particular: (a) the detailed criteria for establishing the amount of the periodic penalty payments; (b) the procedures for enquiries, associated measures and reporting, and rules of procedure for decision-making, including provisions on the rights of defence, access to the file, legal representation, confidentiality and temporal provisions and the quantification and collection of periodic penalty payments.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 24

Regulation (EC) No 1060/2009
Article 36 c – paragraph 2 a (new)

2a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules to set out the procedure that the European Supervisory Authority (European Securities and Markets Authority) and the Commission will follow when exercising their powers under Articles 36a and 36b. specifying in particular the arrangements for: (a) the service of statements of objections by the European Supervisory Authority (European Securities and Markets Authority); (b) the conduct of hearings; (c) replies to statements of objections; (d) access to documents; and (e) complaint and dispute resolution relating to procedural fairness.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 26

Regulation (EC) No 1060/2009
Article 38 a – paragraph 1

1. The powers to adopt ~~the~~ delegated acts referred to in ~~the third subparagraph of~~Article 5(6), Article 19(2), Article 25(64), Article 36a(4), Article ~~19(2~~36b(3), Article 36~~a(4~~c(3) and Article 37 shall be conferred on the Commission for a~~n indeterminate~~ period of four years following the entry into force of this Regulation. The Commission shall draw up a report in respect of the delegated powers not later than six months before the end of the four-year period. The delegation of power shall be automatically extended for periods of ~~time~~an identical duration, unless the European Parliament or the Council revokes it in accordance with Article 38b.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 26

Regulation (EC) No 1060/2009
Article 38 b – paragraph 1

1. The delegation of power referred to in the third subparagraph of Article 5 (6), Article 19(2), Article ~~36a(4~~25(4), Article 36a(4), Article 36b(3), Article 36c(3) and Article 37 may be revoked at any time by the European Parliament or by the Council.

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 27 – point b

Regulation (EC) No 1060/2009
Article 39 – paragraph 3 a (new)

3a. By 1 July 2011, the Commission shall publish a decision establishing: (a) an independent enforcement advisory committee in relation to the powers under Articles 24, 36a and 36b; (b) a hearing officer who shall ensure that the right to appeal is effectively exercised under this Regulation.

2010/10/15
Committee: ECON